Seplat Energy’s Chief Executive Officer, Roger Brown, has asserted that his company’s growth trajectory has been built on acquiring divested assets, unlocking their potential, and embedding strong operational and safety cultures that promote long-term sustainability.
Speaking at the 2025 Africa Energy Week (AEW) Conference and Exhibition in Cape Town, South Africa, Brown credited Seplat’s sustained growth and operational success to strategic asset acquisitions, efficiency improvements, and a highly skilled workforce that continues to drive excellence across its operations.
During a fireside chat titled “Assets Acquisition Success Strategies: Seplat Energy,” Brown noted that the company had successfully integrated several major acquisitions over the past decade—each time improving performance metrics, strengthening safety standards, and reducing emissions.
“Every acquisition has been an opportunity to improve efficiency, reliability, and environmental performance,” Brown said. “Our recent acquisition of Mobil Producing Nigeria Unlimited assets demonstrates this approach — we moved quickly to re-engage wells and facilities, invested early in integrity and reliability, and focused on integrating not just systems but people.”
Brown emphasized that the cultural alignment between Seplat and its newly integrated teams had been key to maintaining seamless operations.
“We found strong cultural alignment with our new colleagues, and that’s been crucial. By combining Seplat’s onshore experience with decades of offshore expertise, we’ve built a stronger operation from day one, which is already delivering higher cash flow,” he said.
The Seplat CEO added that the company’s recent reserves upgrade confirmed the quality and production potential of its new assets. He expressed optimism that the company’s efforts would support Nigeria’s national target of increasing crude production to 3 million barrels per day while expanding gas output for domestic and export markets.
“We’re focused on acquiring assets where our operating capability can unlock hidden value — particularly mature fields that respond well to agile, entrepreneurial management,” Brown explained. “We’ve demonstrated that we can acquire onshore assets and elevate production while maintaining strict cost discipline, strengthening our balance sheet, and rewarding our investors.”
Brown reiterated that safety, operational excellence, and people development remain at the heart of Seplat’s business strategy.
“We are a low-cost operator, capable of staying profitable across market cycles. Our people — highly qualified, mostly Nigerian professionals — are central to our success and to Nigeria’s broader energy resilience,” he said.
Also speaking at the conference, Eleanor Adaralegbe, Chief Financial Officer of Seplat Energy, featured on a panel titled “Financing Upstream Projects for Domestic Energy Security.” She highlighted the company’s impressive track record in capital raising and prudent debt management since inception.
“Seplat has raised over $4 billion in debt to fund growth and development, while consistently maintaining a low leverage ratio below 1.5x through market cycles,” Adaralegbe said.
She outlined Seplat’s financing mix, which includes an Initial Public Offer (IPO), Revolving Credit Facilities (RCF), bonds, advance payment facilities, and specialized project financing such as the $320 million facility for the ANOH Gas Project, a 50-50 joint venture with the Nigerian Gas Infrastructure Company, a subsidiary of NNPC Limited.
Adaralegbe noted that Seplat Energy remains the first and only dual-listed Nigerian oil and gas company, a move that has expanded its access to diverse funding sources.
“We knew we had to shape our credit profile to appeal to international lenders and investors. That positioning continues to yield results as we refinance at lower costs while maintaining strong liquidity and governance,” she said.
She identified Seplat’s key credit strengths as balanced assets with substantial production, portfolio diversification through gas, strong financial discipline, effective risk management, and a leadership team grounded in good governance and ESG principles.
“Nigeria’s energy security still depends heavily on upstream oil and gas to power domestic consumption and generate foreign exchange,” she said. “Until large-scale renewables and storage become more widespread, upstream development will remain the backbone of the country’s energy system.”
Adaralegbe concluded by stressing the importance of a stable and predictable fiscal environment to attract long-term capital to the sector.
“Consistent implementation of the Petroleum Industry Act, prompt joint venture cash-call settlements, and clear pricing policies are critical to de-risk projects and unlock sustainable financing,” she advised.
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